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  "docSlug": "b2898144f996",
  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-19 00:00:00",
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  "pageCount": 51,
  "prevPage": 28,
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  "nDataPoints": 8,
  "notes": "The slide uses a before-after comparison to justify an investment thesis based on margin expansion.",
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      "kind": "callout",
      "text": "Splunk is trading at ~8x - 9x CY2025E FCF",
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      "text": "Free Cash Flow Margin: 25% - 30%+",
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      "kind": "source-note",
      "text": "Source: Company filings, Starboard estimates. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31.",
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      "text": "We believe a substantial value creation opportunity exists at Splunk",
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      "text": "Comparison table of ARR Growth, FCF Margin, Growth + Margin, and FCF/Share between current and CY2025E.",
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      "kind": "title",
      "text": "If management can successfully execute on a margin improvement plan, we believe Splunk shareholders will be meaningfully rewarded.",
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      "kind": "title",
      "text": "We Believe Splunk Has Significant Upside from Current Levels",
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